What is the spread between mortgage rates and the 10-year Treasury yield, and why does it matter?
For the Freddie Mac PMMS observation dated 2026-09-10, the 30-year fixed mortgage rate is 6.760%. The aligned 10-year U.S. Treasury par yield is 4.950% from 2026-09-10. The resulting Mortgage/Treasury Spread is 1.810% percentage points. This edition uses a same-day match. The mortgage-Treasury spread is the difference between the two, the closest risk-free benchmark for long-duration lending. A wider spread means mortgage rates are priced richer relative to the risk-free rate, often reflecting mortgage-backed-security demand, prepayment risk, or lender margin, rather than Treasury yields alone driving mortgage rates.
Last updated September 10, 2026Today's figures
| Freddie Mac PMMS (30-year fixed) | 6.760% (as of September 10, 2026) |
|---|---|
| 10-Year U.S. Treasury par yield | 4.950% (as of September 10, 2026) |
| Spread (PMMS minus Treasury) | 1.810% |
Weekly edition PMMS 2026-09-10 / Treasury 2026-09-10. Both legs use the same observation date. Both figures are public benchmark series, not a quote, a commitment, or any individual lender's rate.
How is the spread calculated?
The spread shown is the Freddie Mac PMMS 30-year fixed mortgage rate minus the 10-year U.S. Treasury par yield, expressed in percentage points (basis points/100). The two observations use the same calendar date whenever Treasury published that day. If it did not, the calculation uses only the most recent earlier Treasury business day within four calendar days and labels both dates; it never uses a later Treasury observation. It is a market benchmark, not a quote, and is not the same as any individual lender's rate or margin.
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Why does the spread change over time?
The spread widens or narrows with mortgage-backed-security investor demand, prepayment expectations, lender capacity and margin, and broader credit conditions, not from Treasury yields alone. A historically wide spread generally means mortgage rates have not fallen as much as Treasury yields would suggest, and vice versa for a historically narrow spread.
Where does this data come from, and what are its limits?
The mortgage side is the Freddie Mac Primary Mortgage Market Survey (PMMS) 30-year fixed national average. The Treasury side is the U.S. Department of the Treasury's daily par yield curve, 10-year maturity. Both are public benchmark series; neither reflects any individual borrower's rate or any lender's actual cost of funds.